Jewellery brands owned by luxury group Kering, namely Boucheron, Pomellato and Qeelin, ended 2023 on a high note amid a decline in overall revenues.

Sales from the group’s Other Houses, which include the three jewellery brands, were down 9 per cent to EUR3.5 billion (around US$3.76 billion) in 2023, but Kering said its jewellery houses “maintained their excellent momentum, with double-digit growth in the fourth quarter, driven by the success of all collections.” 

Meanwhile, group revenue declined by 4 per cent to EUR19.6 billion (around US$21 billion) in 2023, with net income falling 17 per cent to EUR 3 billion (around US$3.2 billion). 

François-Henri Pinault, chairman and CEO of the group, said it was a “trying” year for the group. “In a market environment that remains uncertain in early 2024, our continuing investments in our houses will put pressure on our results in the short term,” he added.

Moving forward, the group plans to prioritise expenses and investments supporting the long-term development and growth of its houses while staying “vigilant and disciplined” with regards to its cost structure, according to Kering.